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TBO Tek Ltd. Is one of the leading travel distribution platform in the global travel and tourism industry in terms of GTV and revenue from operations for Fiscal 2023 providing a wide range of offerings operating in over 100 countries providing Buyers with a comprehensive travel inventory according to the needs of their customers; and supporting a wide range of currencies along with forex assistances.
It simplifies the business of travel for suppliers such as hotels, airlines, car rentals, transfers, cruises, insurance, rail and others (collectively, “Suppliers”), and retail buyers such as travel agencies and independent travel advisors (“Retail Buyers”); and enterprise buyers that include tour operators, travel management companies, online travel companies, super-apps and loyalty apps (“Enterprise Buyers”, together with Retail Buyers, (“Buyers”) through its two-sided technology platform that enables Suppliers and Buyers to transact seamlessly with each other.
TTL’s platform allows the large and fragmented base of Suppliers to display and market inventory to, and set prices for, the large and fragmented global Buyer base. For Buyers, its platform is an integrated, multi-currency and multi-lingual one-stop solution that helps them discover and book travel for destinations worldwide, across various travel segments such as leisure, corporate and religious travel. It has two key revenue models for transaction, i.e., B2B Rate Model where it receives inventory from Suppliers on which TTL apply a certain mark-up and pass on to the Buyers and Commission Model where its Suppliers fix the price at which they want to sell to the end traveller on which receive commission from the Supplier part of which the company retain and part of which it shares with the Buyer.
For year/ period ended ( in Cr.)
| Particulars | H1FY23 | FY22 | FY21 |
|---|---|---|---|
| Total Revenue | 1,085.77 | 511.93 | 176.55 |
| Profit After Tax | 148.49 | 33.72 | (34.14) |
| EPS | 14.21 | 3.32 | (3.28) |
| OPM (%) | 15.78% | 8.09% | (0.14%) |
| PATM (%) | 13.67% | 6.58% | (19.33) |
For year/ period ended ( in Cr.)
| Company Name | Market Cap (Cr.) | Price | P/BV | P/E | Sales (Cr.) FY23 |
Net Profits(Cr.) FY23 |
|---|---|---|---|---|---|---|
| TBO Tek Ltd | 9990.08 | 920 | 18.66 | 64.58 | 1,085.77 | 148.49 |
| Rategain Travel Technologies Ltd | 7,943 | 674 | 10.30 | 61.50 | 565 | 68 |
*Market cap @upper band
• The company’s Platform creating network effect with interlinked flywheels to enhance value proposition for partners.
• It has a modular and scalable proprietary technology platform allowing addition of new lines of business, markets, and travel products.
• It has the ability to generate and leverage large data assets.
• The company has a capital efficient business model with a combination of sustainable growth.
• It has skilled and experienced Promoters and management team with committed employee base.
• Expansion of the Supplier and Buyer base;
• Amplification of value of our platform by adding new lines of businesses;
• Inorganic growth through selective acquisitions and building synergies with our existing platform; and
• Leveraging data procured to offer bespoke travel solutions to our Buyers and Suppliers.
Having a presence in more than 100 countries and providing a wide range of travel-related services under one roof, the company is one of the top travel distribution platforms in the world travel and tourism market. Following a setback in FY21 as a result of the pandemic, it saw consistent growth starting in FY22. The issue looks fully valued based on FY24 annualized earnings. Recent trends suggest that the global travel industry is ready for growth, which bodes well for the company. Investors may subscribe for the medium to long term rewards.
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